EX-12 5 dex12.htm COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO Computation of Earnings to Fixed Charges Ratio

EXHIBIT 12

 

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

(in thousands of dollars, except ratio data)

 

    

Year Ended

December 31,

2006

 

Fixed Charge Computation

  

Interest expense:

  

Net interest expense

   $ 93,664  

Plus capitalized interest

     2,148  
        

Gross interest

     95,812  

Interest component of rent expense (a)

     5,287  
        

Total fixed charges

   $ 101,099  
        

Earnings Computation

  

Income from continuing operations before income taxes

   $ 270,885  

Less: earnings of equity investments

     (4,951 )

Distributed income of equity investees

     4,345  

Add: fixed charges

     101,099  

Less: capitalized interest

     (2,148 )
        

Total earnings as adjusted

   $ 369,230  
        

Ratio of earnings to fixed charges

     3.65  

(a) Based on a 10% discount factor on the estimated present value of future operating leases.

 

The Company had no registered debt securities prior to the Acquisition on June 27, 2006.